MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHARAK PHARMA PRIVATE LIMITED |
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Registered Office : |
Evergreen Industrial Estate, Dr. E Moses Road, Shakti Mi Mumbai - 400011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.2000 |
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Com. Reg. No.: |
11-127072 |
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CIN No.: [Company
Identification No.] |
U24230MH2000PTC127072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07892D |
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PAN No.: [Permanent
Account No.] |
AABCC4014A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Ayurvedic Medicines |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 817088 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old
established company having fine track records. Charak is a well known brand
Synonymous to Ayurveda. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Financial position is good. Payments are correct and as per
commitments. The company can
be considered good for any normal business dealing at usual trade terms. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered/ Head Office : |
Evergreen
Industrial Estate, Dr. E Moses Road, Shakti Mills Lane, Mahalaxmi, Mumbai –
400011, India |
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Tel. No.: |
91-22-24965256 |
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Fax No.: |
91-22-24938215 |
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E-Mail : |
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Website : |
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Factory 1 : |
SAMALKHA UNIT
Silvassa Dadra Nagar Haveli Plot
No.371,Sayli - Rakholi Road - 396230 |
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DISTRIBUTION CENTRE |
Unit Ac-1-6 and 12-15, R.C.C. Building Rajlaxmi Commercial
Complex Village Kalher,Agra Road,Kalher Gram Panchayat Bhiwandi, Thane |
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E-Mail : |
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Branches : |
GHAZIABAD 20/3 Ashwathkatte Road
, Kasturba Nagar, Near Old Tolgate , Mysore Road - 560026 |
DIRECTORS
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Name : |
Mr. Shroff Kishor
Vikram |
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Designation : |
Whole Time
Director |
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Address : |
31, Ocean Crest,
85 B Desai Road, Mumbai – 400036, India |
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Date of Birth/Age : |
07.03.1968 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Nimish Kishor
Shroff |
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Designation : |
Whole Time
Director |
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Address : |
31, Ocean Crest,
85 B Desai Road, Mumbai – 400036, India |
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Date of Birth/Age : |
21.05.1970 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Pulin Harshad
Shroff |
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Designation : |
Whole Time
Director |
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Address : |
142, Silver Arch,
Nepeansea Road, Mumbai – 400006 , India |
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Date of Birth/Age : |
11.07.1970 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Ram Hemant
Shroff |
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Designation : |
Whole Time
Director |
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Address : |
11, Vallabh
Apartments, 87 B Desai Road, Mumbai – 400036, India |
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Date of Birth/Age : |
28.08.1971 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Raj Hemant
Shroff |
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Designation : |
Whole Time
Director |
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Address : |
11, Vallabh
Apartments, 87 B Desai Road, Mumbai – 400036, India |
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Date of Birth/Age : |
28.08.1971 |
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Date of Appointment : |
08.06.2000 |
KEY EXECUTIVES
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Name : |
Mr. Murali
Ganapathi Kizhakkenchery |
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Designation : |
Secretary |
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Address : |
11, Supralina, 11th
Road, Chembur, Mumbai – 400071, India |
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Date of
Birth/Age : |
25.04.1961 |
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Date of
Appointment : |
15.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shroff Kishor
Vikram |
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205177 |
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Mr. Nimish Kishor
Shroff |
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205177 |
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Mr. Pullin
Harshad Shroff |
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205176 |
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Mr. Ram Hemant
Shroff |
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205177 |
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Mr. Raj Hemant
Shroff |
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205176 |
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Ms. Amisha Pulin
Shroff |
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1 |
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Ms. Priti Raj
Shroff |
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1 |
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M/s. Charak
Healthcare Private Limited |
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33334 |
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Total |
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1059219 |
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Category |
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Percentage |
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Bodies corporate |
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3.15 |
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Directors or
relatives of directors |
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96.85 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Ayurvedic Medicines |
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Products : |
Ayurvedic
Medicines |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Capsules |
Nos. |
15010000 |
40958 |
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Syrups |
Ltrs. |
6000000 |
2656614 |
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Tablets |
Nos. |
- |
31973 |
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Other |
Kgs. |
- |
4578 |
GENERAL
INFORMATION
|
Distributor |
Abhishekh
Distributors Raipur, India 2535792 / 2229185 Brij Agencies Indore, India 2802434 / 5021929 Himalaya Stores Jammu and Kashmir, India J J Parikh,
Sarkhej Ahmedabad, India 91-79-26891593/6890705 K S Distributors Jaipur, India M.M. Agencies Varanasi, India Nidhi Traders Ranchi, India 2204932/2314274 OS Enterprises Chandigarh, India 5078504 / 2637871 Prima Medicose Haridwar, India 254727/254803 Rahul Pharma Distibutors Jabalpur, India 2516748 / 2412702 Sai Venkataramana Hyderabad, India 91-40-27674797 / 98 Shahu Pharma Deal Nagpur, India Amrit Enterprises Lucknow, India 2221537/2284255 Candida
Enterprises Guwahati, India 2630430 / 2542787 Elite Enterprises Patna, India 2228759 / 2224328 Impact
Enterprises Delhi, India 91-11-22053267/22530265 J. Bipinchandra Ahmedabad, India 91-79-5351198 / 5500845 Kurumthottam Kerala, India Milan Enterprises Kolkata, India 91-33-22354915 / 9931 OK Drugs Sangli, India 2377004 / 2372173 / 2376003 / 2322004 OS Medical Hall Ambala, India Prime Marketing Mumbai, India 91-22-22052521/22017652 Rajeev Agencies Bhubaneshwar, India 2533197 / 2530519 SAP Agencies Chennai, India |
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No. of Employees : |
850 |
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Bankers : |
Overseas Branch,
Mumbai – 400021, India
Laxmi Sadan, 361
V P Road, Girgaun, Mumbai – 400004, Maharashtra, India |
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Facilities : |
·
N. K. G. S.
B. Cooperative Bank Limited – Rs. 26.000 Millions – 04.08.2001, Hypothecation
of movable machinery and other assets ·
Union Bank of
India, Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan
Marg, Nariman Point, Mumbai – 400021 – Rs. 84.300 Millions – 20.10.2004,
Entire plant and machinery both present and future |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Malpani and
Associates Chartered
Accountants |
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Address : |
307, Chartered
House, 297/299, Dr. Cawasji Hormusji Street, Mumbai - 400002 |
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Tel. No.: |
91-22-22060236 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Sharers |
Rs. 10/- Each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5296100 |
Equity Sharers |
Rs. 10/- Each |
Rs. 52.961 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
52.961 |
52.961 |
10.592 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
151.311 |
129.168 |
132.878 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
204.272 |
182.129 |
143.470 |
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LOAN FUNDS |
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1] Secured Loans |
172.542 |
157.631 |
54.809 |
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2] Unsecured Loans |
59.382 |
53.002 |
91.223 |
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TOTAL BORROWING |
231.924 |
210.633 |
146.032 |
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DEFERRED TAX LIABILITIES |
31.122 |
27.303 |
18.485 |
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TOTAL |
467.318 |
420.065 |
307.987 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
294.693 |
299.235 |
161.702 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.320 |
0.314 |
0.083 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
99.227
|
109.799
|
68.536 |
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Sundry Debtors |
91.189
|
62.003
|
36.661 |
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Cash & Bank Balances |
16.864
|
18.104
|
33.834 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
57.879
|
34.651
|
18.454 |
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Total
Current Assets |
265.159
|
224.557
|
157.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
92.854
|
104.041
|
61.835 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
92.854
|
104.041
|
61.835 |
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Net Current Assets |
172.305
|
120.516
|
95.650 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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PRE-OPERATIVE EXPENSES |
0.000 |
0.000 |
50.552 |
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TOTAL |
467.317 |
420.065 |
307.987 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
842.749 |
761.218 |
579.776 |
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Total Income |
842.749 |
761.218 |
579.776 |
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Profit/(Loss) Before Tax |
125.447 |
99.373 |
61.904 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
125.447 |
99.373 |
61.904 |
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Expenditure : |
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Interest |
18.225 |
13.264 |
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Depreciation |
17.527 |
14.540 |
517.872 |
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Other Expenditure |
681.550 |
634.041 |
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Total Expenditure |
717.302 |
661.845 |
517.872 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
14.88
|
13.05
|
10.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.88
|
13.05
|
10.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.40
|
18.97
|
19.39 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.54 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
2.15
|
1.44 |
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Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.15
|
2.54 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24230MH2000PTC127072 |
|
Name of the
Company |
CHARAK PHARMA PRIVATE
LIMITED |
|
Address |
Evergreen
Industrial Estate, Dr. E Moses Road, Shakti Mills Lane, Mahalaxmi, Mumbai –
400011, India |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
The North Kanara
G S B Co-op- Bank Limited Laxmi Sadan, 361
V P Road, Girgaun, Mumbai – 400004, Maharashtra, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Extension
Memorandum |
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Date of the
instrument creating or modifying the charge |
18.10.2007 |
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Amount secured by
the charge |
Rs.145.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests @ 11%
p.a. Terms of
Repayments: The Extension
Memorandum shall operate as a security to the Bank in addition to any other
security already held by the Bank. Margin: Minimum Margin of
25% to be maintained on stock and book debts Extent and
operation of the charge: To the Extent of
Cash Credit Amount, Interests, Damages, Other Charges Others: As per the
Agreements |
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Short particulars
of the property charged (including location of the property) |
As specified in
second and fourth schedule to the extension Memorandum |
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Particular of the
present modification |
Second Charge has
been created on Properties Specified in second and fourth schedule to the extension
Memorandum dated 18.10.2007 in favour of the North Kanara G S B Co-op Bank
Limited, Laxmi Sadan, 361 V P Road, Girgaun, Mumbai – 400004 for increases in
limits from Rs.120.000 Millions to Rs.145.000 Millions sanctioned by them. The first charge is
held by Union Bank, Overseas Branch, Union Bank Bhavan, Ground Floor, 239,
Vidhan Bhavan Marg., Nariman Point, Mumbai – 400021 for credit facilities by
them. |
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Name of the company |
CHARAK PHARMA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of
Modification of Charge/ Mortgage modified on 18.07.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 120.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Agreement of
Charge/ Mortgage created on 13.10.2005 with Rs 80.000 Millions modified on
18.07.2006 with Rs 120.000 Millions |
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4) Name and Address and description of the person entitled to the charge. |
The North Kanara
G S B Co-operative Bank Limited Laxmi Sadan, 361,
V P Road, Girgaum, Mumbai – 400004, Maharashtra, India |
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5) Date and brief description of instrument modifying the charge |
18.07.2006 |
Fixed
Assets
- Land
- Factory Building
- Plant and Machinery
- Computer
- Furniture and Fixture
- Vehicles
- Office Equipment
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.95 |
|
UK Pound |
1 |
Rs. 78.91 |
|
Euro |
1 |
Rs. 63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|